[14], In September 2018, Parsons became the Interim Chairman of the Board for CBS, replacing Les Moonves. He graduated high school at the age of 16, then devoted much of his attention to sports as a student at the University of Hawaii. . J. Bruce Llewellyns career history might be viewed as a virtual microcosm of twentieth-century minority, Attorney, broadcasting executive, elected official [30][31], Last edited on 10 February 2023, at 21:13, Donald Sterling racial remarks controversy, "Time Warner Confirms Parsons Stepping Down", "UH alumnus replacing Les Moonves as interim chairman of CBS", "Parsons Resigns From CBS Board due to Health Reasons: Dick Parsons resigns from CBS board, Strauss Zelnick steps into role of interim chairman", "Citigroup Chairman Richard Parsons TIME", "Did New Clippers CEO Dick Parsons Really Play College Basketball? And, after taking over as chairman from Steve Case, who stepped down in January of 2003, Parsons went to work to repair the damage from the AOL merger. Fortune (August 8, 2004). Encyclopedia.com. Parsons also worked on the transition team for Michael Bloomberg, who was elected Mayor of New York City in 2001. Parson changed his attitude dramatically (from negative to positive) and reached a turning point when he met and later married Laura Ann Bush, a child psychologist, Encyclopedia.com. Incorporated:l96S CNET News.com (April 3, 2002) http://news.com.com/2009-1023-873910.html (accessed on July 29, 2004). Laura Bush petunia at President George Bushs Crawford Ranch Lauren Bush in New York Bush was signed with Elite Model Management before launching FEED. By the mid-1970s Parsons was noted as a rising star among black professionals, and he was profiled inBlack Enterprises Under 30 & Moving Up series in 1975. (Photo by Shahar Azran/WireImage) Embed PURCHASE A LICENSE Get personalized pricing by telling us when, where, and how you want to use this asset. He also met a young Rudolph W. Giuliani, with whom he supported in his campaign for New York mayor and heading his transitional council. Although Parsons refused that position, he consented to work as chairman of the citys Economic Development Corporation. Parsons was named CEO for AOL Time Warner. "And he would do it in a way that everyone would feel good about the outcome." Peter J. In 1968, Parsons married Laura Ann Bush, a community activist with a doctorate in child psychology, who he met at the University of Hawaii. The bank suffered many losses due to New York City real estate devaluation in the 1980s and during the previous year had lost $92.3 million. https://www.encyclopedia.com/general/culture-magazines/parsons-richard, "Parsons, Richard Parsons became a partner in just two years at Patterson, Belknap, Webb & Tyler, a move that typically demanded seven years. Retrieved February 23, 2023 from Encyclopedia.com: https://www.encyclopedia.com/african-american-focus/news-wires-white-papers-and-books/parsons-richard. Contemporary Black Biography. In African American Lives. She is also credited with creating a national initiative called "Ready to Read, Ready to Learn", which promotes reading at a young age. The Dimes' nonperforming assets were nearly 11 percent of the total assets by year 1991 in addition to $1 billion in bad debt. Levin had been in negotiations with Steve Case (1958), AOL's CEO, for several years. Studied fashion design at Parsons The New School for Design and Central Saint Martins College of Art and Design. [9], Parsons was chairman of Citigroup from February 23, 2009[12] until April 2012 when he was replaced by Michael O'Neill. Parsons later lived in a guesthouse on the estate. ." B1, B3. Parsons, who's been married to psychologist Laura Bush for almost 50 years, acknowledges the pain it caused others and still causes him. Training And Servicing Center. As a result, the company struggled to maintain its credibility, its stock prices tumbled, and it faced $27 billion in debt. Wall Street Journal, May 8, 1990, p. B10; January 30, 1995, pp. Hayden, Thomas. In Contemporary Black Biography. Though he went into remission after Stem-cell therapy, complications in 2018 caused him to step down from his role as Interim Chairman of the Board of CBS. "Parsons, Richard He played varsity basketball there, and was also the social chairman of his fraternity. Richard Parsons has become one of the most prominent figures in American business, without rising through the usual ranks required to reach a high-level corporate position. UXL Newsmakers. It did make history as the largest corporate purchase ever, but it also became known as perhaps the most failed megamerger on record. I exist apart from this job.". April 20, 2021, 9:57 AM PDT / Source: TODAY. Dawn Bennett-Alexander assisted Parsons from March 1976 until the end of the administration. ." Parsons became a board member for Time Warner, Inc., Phillip Morris, Tristar Pictures, Harvard University, and the Metropolitan Museum of Art. Bush, a full-time resident of the island for the past decade, is the owner of Albany Records, which produces "uncommonly classical" music by American composers; she was previously the manager of the Albany, New York, symphony. In 1977 deputy attorney general Harold R. Tyler Jr. requested Parsons to come aboard at Patterson, Belknap, Webb, & Tyler where he became a partner in two years, a move that usually demands seven years. They credit him with keeping employees informed every step of the way, at one point even producing several videos that were distributed to employees. When Albright departed the Dime, Parsons became chairman and CEO. Time (December 17, 2001). Washington Post, November 1, 1994, p. D5. Thanks in part to such associations Parsons became what he frequently describes as a Rockefeller Republican, a person who is conservative when it comes to economic matters, and more liberal concerning social issues. He played varsity basketball there, and was also the social chairman of his fraternity. Mayor Giuliani later asked Parsons to become his Deputy mayor for Economic Development. Still, when Levin announced, in late 2001, that (February 23, 2023). Born April 4, 1948 in Brooklyn, NY; son of Lorenzo tocklair (an airline technician) and Isabelle (a homemaker; maiden name, Judd) Parsons; married Laura Ann Bush, August 30, 1968; children: Gregory, Leslie, Rebecca Education: Graduated from University of Hawaii, 1968; Union University, University of Albany Law School J.D., 1971. Although Levin was effectively in charge, it was Parsons who consistently took on the tough assignments and it was Parsons who employees turned to for guidance. To the rest of the world, they are former President George W. Bush and former first lady Laura Bush, but to Jenna Bush Hager's children . The merger was made official in 2001, when AOL purchased Time Warner for a reported $168 billion. "Renaming our company will strengthen the identity of the AOL brand name among consumers," the CEO said in a written statement reported on CNNMoney.com. After all, Parsons had sat on the company's board of directors for several years, and had developed close ties with top TW executives. In 2001, United States President George W. Bush selected Parsons to co-chair a commission on Social Security. Born in Midland, Texas, Bush graduated from Southern Methodist University in 1968 with a bachelor's degree in education, and took a job as a second grade teacher. In the same Business Week interview, the CEO revealed, "I take this job seriously. Here, the little . He ruminates for some time before addressing the. He graduated number one in his class of more than 100 students at the age of 23, then received the highest marks among 3, 600 lawyers who took the state bar examination in 1971. Some considered the Parsons appointment at Time Warner to be a significant achievement for black executives, one that helps pave the way for them to enter the highest positions in business. During that time he also earned the respect of the staff for his fair treatment. . "The Man Behind the Merger." "Parsons the Man: Public Service as Much as Private Sector Success Define AOL Time Warner's New CEO." My wife became my focus and the person to whom I owed my best. His plans to become a fighter pilot were redirected to law school largely due to Bushs influence. Left to my own devices, I dont feel any compulsion to strive, he told the New York Times in 1990. [9] In 1988, he was recruited to serve as chief operating officer of the Dime Savings Bank of New York by CEO Harry W. Albright Jr., who was a former Rockefeller aide. Decker, Ed "Parsons, Richard Dean 1948 Errol Garner and Miles Davis are his favorite musicians. In 1968, Parsons married Laura Ann Bush, a community activist with a doctorate in child psychology, who he met at the University of Hawaii. Value is associated with hard work.. He is a Black business executive and lawyer. ." (Photo by Shahar Azran/WireImage) Embed. The merger created the fourth largest thrift institution in the nation and the largest on the East Coast, with assets worth $20 billion. Greater Minneapolis-St. Paul Area. And most In 1988, just when it seemed that Parsons was poised to become head of his law firm, the news was announced that he had accepted the position of chief operating officer (COO) of the Dime. Richard Parsons has become one of the most prominent figures in American business, without rising through the usual ranks required to reach a high-level corporate position. AOL Time Warner's various operating units were still far from achieving a full integration. In the early 1990s he became president of Time Warner Inc., making him one of the most highly ranked African Americans in the corporate United States. Parsons skipped two grades and graduated from high school at the age of sixteen. As a result, Dime Bancorp became the largest thrift institution on the East Coast and the fourth largest in the United States. Niece of George W. Bush, Laura Bush, Doro Bush, Marvin Bush and Jeb . Stock Index: New York Parsons began working at Dime during a difficult period. The hope was that by combining forces they would make the most successful merger in history: AOL would have access to Time Warner's massive media content and it would be able to reach even more users thanks to TW's cable television operations. As he later told Black En terprise, My wife talked me into it. In September 2018, Parsons became the Interim Chairman of the Board for CBS replacing Les Moonves. "Parsons, Richard The world's most influential media company, however, was struggling. He frequently downplays race as a factor or handicap in his success. President Ford also used his services, first as a general. In 1971, Parsons served an internship at the New York State Legislature, at which time he was invited to work as a lawyer for the staff of New York Governor Nelson Rockefeller. Former President George W. Bush and Laura Bush's daughter Barbara Bush gave birth to her first baby with husband Craig Coyne on Monday By Mary Park Published on September 29, 2021 11:42 AM "He is a persuader, not a dictator," a former colleague told CNET News.com. Some top officials at the bank questioned his appointment, both because of his lack of experience in the banking industry and his previous work in government that made him likely to leave the company for the political arena. Never. Business executive Richard Parsons has been called a teddy bear, a master diplomat, and a charmer, but perhaps the best description that has been applied to him is "friendly giant." While in Hawaii, he also met his future wife, Laura Bush. In 1993 Parsons was criticized by other blacks for supporting Rudolph Giuliani in the New York City mayoral race, instead of the incumbent Democrat, black mayor David Dinkins. Parsons was chairman of Citigroup from 2009 until 2012. According to Ebony, Parsons said that the woman I was dating [Bush] told me, You like to argue so much you ought to become a lawyer and get paid for it.. Retrieved February 23, 2023 from Encyclopedia.com: https://www.encyclopedia.com/general/culture-magazines/parsons-richard. Observer, (London, England) December 9, 2001, p. 4. 68-70, 72, 76, 77; January 1995, p. 15. Business Week, November 14, 1994, pp. warren central student killed 2022. During his eleven years with the firm he was successful in both corporate law and civil litigation. Parsons was profiled in Black Enterprise's "Under 30 & Moving Up"' series in 1975. In 1977, Parsons returned to New York and became a partner after only two years at the Patterson Belknap Webb & Tyler law firm; also working at the firm was Giuliani. Harry Albright Jr., Rockefeller's executive assistant in Albany, New York and previous chairman of the Dime Savings Bank, cited Parsons as a great member of Rockefeller's staff and one who has great judgment and leadership skills. In addition, Parsons states that his rules for success include believing in yourself, acquiring necessary skills, and outworking the next guy. from Ariel Williams Holloway, Northboun' , 1926, NORTHBOUND' by Ariel Williams Holloway, Street Team INNW, St. Paul, The Tullahassee Mission, and School Opens, An Act for The Gradual Abolition Of Slavery is Passed, Steven Barnes, Science Fiction Writer born, St. Phillips College, (Texas) Begins Classes, Joseph Brant, Slave Owner, and Military Officer born, Americas Articles of Confederation Are Enacted, Court Rules to Desegregate Education in California, Harry Belafonte, Entertainer, and Activist born, The State of Pennsylvania Abolishes Slavery. window.__mirage2 = {petok:"Olb1PN4AOYQxfgUm1EldB37uVPcj4uBa8eBE3X8k2lQ-86400-0"}; ." In addition, Parsons provided legal counsel to several major U.S. corporations, including the Dimes Savings Bank of New York, the largest savings and loan institution in the state. The bank had suffered a series of losses due to the drastic devaluation of New York City real estate in the late 1980s, and during the previous year it had lost $92.3 million. Parsons answered these reservations by promising to devote his full attention to his new $525,000-a-year post. When departing Deputy Attorney General Harold R. Tyler, Jr., became a partner at a well-established New York City law firm in 1977, he asked Parsons to come on board. Contemporary Black Biography. Parsons had no clear idea what direction to take after college, but at the prompting of Laura, he decided to go to law school. Nationality: American. [3], Parsons was born to an African-American family in Brooklyn, New York City, on April 4, 1948. He was replaced by Strauss Zelnick. Just twenty-three years old, and fresh out of law school, Parsons landed a job as an aide on the legal staff of Nelson Rockefeller (19081979), the governor of New York. Notable Black American Men, Book II. In a Black Enterprise article, Fonda Marie Lloyd and Mark Lowery stated that "colleagues say Parsons' management style helped smooth painful layoffs (two thousand of the four thousand employees) that he had to make." In just a few years he reduced the Dimes $1 billion in bad debts to $335 million. Chief among his tasks since joining Time Warner have been the restructuring of the companys financial and administrative operations, as well as evaluating the responsibilities of artists regarding explicit displays of sex and violence. Parsons served with the Domestic Council until the end of the Ford administration and returned to New York to work for Governor Nelson Rockefeller. [16], In June 2016, Parsons was appointed Board Chair of The Rockefeller Foundation, a foundation promoting the wellbeing of humanity all over the world. Encyclopedia.com. In 2015, Parsons was diagnosed with multiple myeloma, a rare blood cancer. [8] He helped negotiate the company's merger with America Online in 2000, creating a $165-billion media conglomerate[10] that is "usually described as the worst merger of all time. he would be leaving AOL Time Warner, the assumption was that Pittman would be his likely successor. . It was a drastic move, but he also kept communications open with his employees every step of the way. UXL Newsmakers. Lloyd, Fonda Marie, and Mark Lowery. CNNMoney.com. Encyclopedia.com. Meanwhile, he answered complaints from colleagues at the Dime that he was deserting them. 23 Feb. 2023 . Zone Development Corporation, which was established to spur the development of business and the growth of job opportunities in Harlem. University of Hawaii System.http://www.hawaii.edu/offices/bor/honorary/php?person=RP (Accessed 2 December 2005). ." document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Michael Rogers is a salesman for Oracle software, In this segment, he shares career advice through the software industry. Contemporary Black Biography. President Ford also used his services, first as a general council and then as associate director of the domestic council. Barbara Pierce Bush, daughter of former President George W. Bush and former First Lady Laura Bush, welcomed daughter Cora Georgia in September 2021 with husband Craig Coyne. Parsons also worked on the transition team for Michael Bloomberg, who was elected Mayor of New York City in 2001. Its a venue to which I could see myself returning at some point in time, he told the New York Times in 1994, referring to public service as the highest calling, large and important work.. She has been featured on the covers of Vogue and Vanity Fair and has frequently modelled for Tommy Hilfiger, as well as for Abercrombie & Fitch and designers Gai Mattiolo and Isaac Mizrahi. Then, they dont value it. On October 1, 1995, Parsons was appointed president of Time Warner with a salary of several million dollars per year. He received a juris doctorate from the Union University, University of Albany Law School in 1971. agreed that friendly giant Richard Parsons had been just what the fractured titan needed. In 1977, he returned to New York, and at the request of former U.S. Deputy Attorney General Harold R. Tyler Jr., he joined the law firm of Patterson, Belknap, Webb & Tyler. He stepped down as CEO of Time Warner on December 31, 2007. Growing up in the Bedford-Stuyvesant area of Brooklyn, Parsons's father, Lorenzo Locklair Parsons, was an electrical technician and his mother, Isabelle (ne Judd), was a homemaker. [6], In 1971, Parsons served an internship at the New York State Legislature, at which time he was invited to work as a lawyer for the staff of New York Governor Nelson Rockefeller. Therefore, be sure to refer to those guidelines when editing your bibliography or works cited list. Contemporary Black Biography. The announcement surprised many media watchers who expected chief operating officer Robert Pittman to take the helm. Again, the business community was rocked by the news. Hu, Jim. "Can Dick Parsons Rescue AOL Time Warner?" In 2003, Parsons made the announcement of the name change from AOL Time Warner to simply Time Warner. With the bank now on solid financial ground, he engineered a merger with Anchor Savings Bank to create Dime Bancorp in early 1995. Refer to each styles convention regarding the best way to format page numbers and retrieval dates. They credit him with keeping employees informed every step of the way, producing videos for employee distribution. He was again entering an industry that was new to him, and some doubted his qualifications. Contemporary Black Biography. In this case, Parsons was forced to tap into both sides of his personality. He is also Chair of the Apollo Theater Foundation and Co-Chair of the Advisory Board of the Smithsonian National Museum of African American History and Culture. In 2001, George W. Bush selected Parsons to co-chair a commission on Social Security. But it's not my life. Since the first marketing of Laura Bush, Dr. Parsons has selected and produced a pink version of the original bright violet-pink hue, known as Pink Laura Bush. Black Enterprise, 25 (October 1994): 69-76. Encyclopedia.com. Color her surprised! After his announcement as interim Clippers CEO in L.A. last week, the millionaire businessman reportedly flew back to the East Coast to be by her side as she underwent a medical procedure on Tuesday. Richard Dean "Dick" Parsons was born in Brooklyn, New York. According to an article in Black Enterprise, Parsons feels that the Democrats believe in taking from one group to give to another one, while the Rockefeller Republicans espouse a policy of equipping a group with skills so that they can achieve what they need on their own. It also brought Parsons to the attention of high-ranking people who later sought his services. Director of Business Operations at ExperienceIT. ", "15 years later, lessons from the failed AOL-Time Warner merger", "Sir Win Bischoff to leave early from chairmanship of Citigroup", "Citi Chairman Is Said to Have Planned Chief's Exit Over Months (Published 2012)", "Richard Parsons resigns as CBS chairman due to complications from cancer", "Richard Parsons to Become Chairman of Rockefeller Foundation", "Richard D. Parsons The Rockefeller Foundation", Partnership Members Assist Spitzer Transition Team, "Time Warner Chairman Richard Parsons Says He Won't Run for Mayor New York Magazine", "Ex-Time Warner chairman named interim Clippers CEO", "Love tangle for power broker: Citigroup's Richard Parsons has love child with model MacDella Cooper", "How Time Warner's Former CEO Is Helping Democratize Cancer Research", "Richard Parsons Steps Down as Interim Chairman of CBS", https://en.wikipedia.org/w/index.php?title=Richard_Parsons_(businessman)&oldid=1138654142, This page was last edited on 10 February 2023, at 21:13. Born into a family of humble means in the BedfordStuyvesant section of Brooklyn, New York, and raised in Queens, New York, Parsons revealed an inherent intelligence but had few aspirations as a youth. Parsons also had to deal with an onslaught of unhappy regulators. Decker, Ed "Parsons, Richard Dean 1948 As reported in Jet magazine, Levin commented, "I have the greatest confidence in Dick Parsons' ability to lead the company forward, coalesce its diverse interests, and work with our strategic partners to achieve our ambitious goals." Born April 4, 1948, in Brooklyn, NY; son of Lorenzo Locklair and Isabelle Parsons; married Laura Ann Bush, August 30, 1968; children: Gregory, Leslie, Rebecca. . I know the bank is in good hands.. Its a statement by and to corporate America that there are no more areas where African Americans havent succeeded, he told the New York Times in 1990. "Reeling Like a Bad Movie: AOL Time Warner." This opportunity with Time Warner is a once in a lifetime one. Dl, D6. By the mid-2000s, however, analysts reported that Time Warner was on a definite upswing: employee morale was high, investors were newly confident, and the monstrous debt had been significantly slashed. This degree is awarded by the Board of Regents to individuals distinguished by their national or international reputation or accomplishments in scholarship, public service, profession, industry, or other areas. In turn, Time Warner would have unlimited access to the ever-expanding Internet pipeline. Ed Decker and Christine Miner Minderovic. For a brief time he worked for Nelson Rockefeller at the family office, "Room 5600", at Rockefeller Center.[8]. In 2006, Parsons was selected to co-chair the transition team for the incoming Governor of New York, Eliot Spitzer. [27], In 2015, Parsons was diagnosed with multiple myeloma, a rare form of blood cancer. Parsons was left in control of a bank that was apparently dying. They have three grown children. Standing at 6 feet 4 inches, with broad shoulders, he is a physically impressive man who could fill any boardroom. In 1999, when AOL and Time Warner merged, parsons became the co-chief operating officer, a position shared with Bob Pittman. In his biggest move to trim the $27 billion debt, Parsons sold Warner Music Group in November of 2003 for a reported $2.6 billion. Addresses: Office Time-Warner Inc., 75 Rockefeller Plaza, New York, NY. He graduated at the age of twenty-three, number one of more than 100 students and received the highest score among 3,600 lawyers in 1971 who took the state bar exam. A 2001 merger between Internet icon America Online (AOL) and Time Warner, a leader in the entertainment industry, had proven to be a failed experiment. Just when he seemed poised to become the first black to head a major law firm, shock waves rippled through the New York corporate world in 1988 when Parsons was appointed chief operating officer of the Dime by chairman and CEO Harry Albright, Jr. Before being offered the position, Parsons had never even considered entering the banking business. Parsons and his wife Laura own a vineyard in Montalcino, Italy. [13] He is chairman of the advisory board of Feigen Advisors, a CEO advisory firm run by Marc Feigen. In 2001, President George W. Bush appointed Parsons along with former U.S. senator Daniel Moynihan to a commission to strengthen Social Security Program changes. McClellan, Steve. As associate director, Parsons succeeded Geoffrey Shepard in handling general government, which included justice, treasury, commerce, the postal service, civil rights, and drugs. Pick a style below, and copy the text for your bibliography. Bell, Gregory S., "Richard Dean Parsons." In addition, thanks to an industry-wide technology slump, AOL, which had promised big revenues, had failed to deliver. In 2000, Parsons guided the merger of Time Warner with America Online (AOL). Cite this article Pick a style below, and copy the text for your bibliography. During his eleven years with the bank now on solid financial ground, he is chairman of the.... 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